According to a report by ABI Research, Apple and Samsung have 50 percent of the smartphone market, and 90 percent of the global profits from that market. These top two companies dominate the smartphone industry so thoroughly, claims the research firm, that there is no one even close to becoming a third player.

“At this point in the year, Nokia will have to grow its Windows Phone business 5000 percent in 2012 just to offset its declines in Symbian shipments,” Michael Morgan, senior analyst for devices, applications & content at ABI, said in a statement.

Samsung shipped 43 million smartphones in the first quarter of this year, while Apple shipped 35 million. Running a distant third are Nokia and RIM, who shipped 11.9 and 11.1 million units, respectively.

The firm is also quick to point out that the iPhone 4S was released in the fourth quarter of last year, shipping 37 million iPhones, “slipping” this quarter to a “still impressive” 35 million. Add them up and in two quarters, Apple shipped 53 million iPhones. As Cult of Mac pointed out last October, that’s a lot of money, with each iPhone 4S bringing in nearly a 75% profit margin.

The smartphone market has surpassed a 50 precent market penetration in the U.S. and Europe, making China an attractive target for smartphone makers who want to become competitive with two such juggernauts in the industry. “As Nokia’s market share in China plummets, the competition to fill this power vacuum has the potential to make or break smartphone OEMs currently struggling with profitability and differentiation,” said Jeff Orr, practice director of devices, applications & content at ABI.